LendingClub tightens lending policy, raises interest rates

(Reuters) – Online lending platform operator LendingClub Corp said it had raised interest rates for some of its loans and tightened credit policy that would result in certain high-risk borrowers being denied loans. The company’s interest rate hikes were mostly for loans deemed relatively more risky by the company, Chief Investment Officer Siddhartha Jajodia wrote in a letter to investors on Friday. LendingClub said it expects loans originated from the second half of 2016 to benefit from these changes. …

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